Mortgage advice with poor credit

cnm80

Afternoon all.

I'll briefly explain my circumstances and see if anyone has an opinion on where I stand or whether I should just wait it out, or if anyone has had success.

I entered a DMP (credit cards 7k) due an illness with my son which required me to take off work, the DMP has been fully settled within the last month due to getting a settlement from the seperation of my wife. I now have around 30k to put down on a property but with my score being poor there seems to be very few lenders willing to look. My broker did say the Halifax might look at it if I was to increase my deposit by another 10k which might be a possibility.

Affordability is there, I have a good job and a good wage with very little outgoings, my broker said this would work in my favour, I have also written to the few creditors and explained my circumstances and ask if its possible for them to remove the record from my report.

Just looking to know if anyone has had any success with a similar situation, I know there are adverse credit mortgage lenders out there but I live in Northern Ireland and I believe they are mainland UK lenders only.

Thanks in advance.

David_White

Sounds like your Broker has found a reasonable solution already to be fair.

Could you find a property with a lower purchase price rather than raising another £10k?

cnm80

Thanks for your reply David.

I am actually looking at another property thats 15k cheaper this afternoon, so if I am happy with it, I will probably go ahead with it.

I'm just curious about whether I will pass or not, just because my brokers account manager said they would look at it with a higher deposit doesn't really fill me with confidence. Perhaps I'm being paranoid.

foxy-stoat

cnm80 wrote: »

I have also written to the few creditors and explained my circumstances and ask if its possible for them to remove the record from my report.

Just looking to know if anyone has had any success with a similar situation, I know there are adverse credit mortgage lenders out there but I live in Northern Ireland and I believe they are mainland UK lenders only.

Your history will stay on your file 6 years from the last default - just make sure that the dates all line up and leave it at that.

Thrugelmir

cnm80 wrote: »

I have also written to the few creditors and explained my circumstances and ask if its possible for them to remove the record from my report.

Irrespective of the actual reason. You defaulted on the debts you owe. Now you wish to borrow more money. Lenders need to be aware of your recent history in order to make an informed decision. That's the commercial nature of lending. The lenders you defaulted are unlikely to be viable options for a mortgage either.

cnm80

Spoke with my broker and he said the Halifax have said to do the DIP and see what happens.
Be open and honest with everything and see how it goes, I never once missed a payment on my DMP and I have all the proof.

Hopefully they will see my side and how I have changed things.